Accounting forum
credit card debt issue...help please! |
ava
20-08-2007 03:15
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hello...here is the situation...
card 1 -
0% apr on purchases until october 2008
9.99% on balance transfers
$3000 balance ($1000 of it at 9.99%)
the $1000 at 9.99% doesnt get paid off until i pay off the first $2000
card 2 -
1.9% apr on balance transfer and purchases until october 2008
balance transfer fee of 3% ($75 max)
new card $0 balance
My question is...do i just keep the 3000 balance on card 1 and eat that 9.99% apr on the first $1000...and live off card 2 and its 1.9% apr
OR
do i transfer the $3000 balance over to card 2 at 1.9% and eat the $75 fee and use the 0% apr card 1 for all my purchases?
please help...thank you
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Re: credit card debt issue...help please! |
ciara
20-08-2007 03:19
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I would keep the 2 cards , that is what i am doing now
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Re: credit card debt issue...help please! |
hooligan
20-08-2007 03:20
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If you can pay it off by October 2008, then transfer the 3000$ to card two and only use card 1 for purchases that you can pay off by Oct 2008.
75$/13 months=5.77 a month for transferring. Therefore, the initial 75$ payout should easily be a moot point by October 2008, but I'm too tired to do any calculations to give you hard numbers.
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